Brightwood Capital?

Does anyone have insight (experience, comp, hrs, etc.) with Brightwood Capital? Seems like they've done pretty well since starting in 2010 (~$4BN aum today) but there isn't much information about them online from a junior perspective.

 
Most Helpful

Know Brightwood a bit. They're solid. Worked on a deal w/ them - they came in big for us w/ an anchor ticket / big commitment to the 2nd Lien Term Loan. Info below (by the way yeah they're website has nothing on it basically - I always find that interesting...HPS is similar)

Brightwood Capital

  • $4.2B Assets under management (AUM). 
  • Products: They do 1st lien TLB, 2nd Lien, Unitranche.
  • Hold size: Not sure they can hold / commit $100 million in size like Owl Rock, Ares, HPS, Golub, etc., so for a Unitranche of that size, they may need a partner (in my notes)
  • Says investment criteria: EBITDA $5 - $75 million
  • 50 employees
  • Industries: Technology & Telecommunications, Healthcare, Business Services, Transportation & Logistics and Franchising.

Here's a few deals they're a lender to:

Term Loan B / Institutional Loans they committed to

Deal List

  • 1) AAC Holdings (American Addiction Centers) - came in big for $50, @ L+675, largest ticket I heard (AAC filed Ch 11 recently).
  • 2) FEDERAL SIGNAL CORP /DE/ (FSS)
  • 3) HYDROFARM HOLDINGS GROUP, INC.
  • 4)  Infrastructure & Energy Alternatives, Inc. (IEA, IEAWW)
  • 5) Internap Corp (INAP, INAPQ)

Fund Names

Some of their funds I see (this may not be "helpful" but what the heck)

  • 1) Brightwood Capital Fund IV-U, LP
  • 2)  Brightwood Capital Offshore Feeder Fund IV (E), L.P.
  • 3) Brightwood Capital Offshore Fund IV, LP
  • 4)  BCOF CAPITAL LP By: BCOF Capital Managers, LLC
  • 5) BRIGHTWOOD CAPITAL FUND III HOLDINGS SPV-2, LLC

Fitch Summary

  • https://www.fitchratings.com/research/structured-finance/brightwood-cap….
  • Brightwood Capital Advisors, LLC
  • Tue 07 Apr, 2020 - 11:46 AM ET
  • Brightwood Capital Advisors, LLC (Brightwood), founded in 2010, provides capital solutions to companies with EBITDA of $10 million to $75 million. As of Sept. 30, 2019, Brightwood was managing $4.2 billion in assets across small business investment companies (SBICs), limited partnerships and separately managed accounts. Brightwood is headquartered in New York City with offices in Los Angeles, Chicago, Atlanta, Dallas, Philadelphia and Minneapolis. The firm primarily focuses on proprietary origination of senior debt investments with a focus on lending to U.S.-based family, founder and entrepreneur-owned businesses (FF&Es). Since inception, the firm has deployed $7.5 billion to 152 borrowers. Brightwood provides capital solutions in five core industry verticals: technology and telecommunications, healthcare, business services, transportation and logistics and franchising. Key Considerations -Brightwood has been managing balance sheet CLOs backed by loans to small to medium-sized middle-market companies since 2016. - The firm relies on internal and external leadership as well as an experienced team of investment professionals who have been investing in similar companies since 2010.

LinkedIn Summary

  • LinkedIn has a summary but its dated (Dec 2018 numbers)
  • https://www.linkedin.com/company/brightwood-capital-advisors-llc/about/
  • Brightwood Capital Advisors, LLC provides debt and equity capital solutions to US based companies with EBITDA of $5 million to $75 million. Since 2010, we have created and managed private investment funds on behalf of institutions and high net worth individuals. We currently have $4 billion in assets under management as of December 31, 2018 and 50 employees, making us one of the leading direct lending and lower middle market platforms. Brightwood oversees two Small Business Investment Company (SBIC) vehicles and several Limited Partnerships. All Brightwood managed funds possess flexibility to invest in both debt and equity structures (e.g. unitranche, senior secured, second lien and subordinated debt, preferred stock and equity). Brightwood provides capital solutions in five core areas: Technology & Telecommunications, Healthcare, Business Services, Transportation & Logistics and Franchising.
 

I work at a competitor. word on the direct lending street rn is they're dealing with significant portfolio issues so new deployment has been slow

 

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